Petrol price reduction is imminent as the Independent Petroleum Marketers Association of Nigeria will commence direct sales of Dangote’s Premium Motor Spirit (Petrol) to its members.
The direct sale agreement means that petrol marketers will no longer depend on imported fuel but will go for Dangote petrol.
The agreement between IPMAN and the 650,000 barrels per day Dangote Refinery brings an end to the middleman posture played by the Nigerian National Petroleum Company Limited on the inaugural lifting of Dangote Petrol on September 16, 2024.
This comes after the Nigerian government announced that NNPCL will no longer be the sole off-taker of Dangote Petrol, which is part of the implementation of the Naira-for-crude implementation committee led by the Minister of Finance, Wale Edun, on October 11, 2024, permitted petrol marketters to lift Dangote fuel.
Spokesperson of Dangote Group, Anthony Chiejina, confirmed that IPMAN and Dangote Refinery have agreed on the direct sale of PMS.
Dangote Refinery last week revealed that its gasoline is sold at N960 and N990 per litre for ships and trucks.
This development will crash the price of fuel in the country in the coming days as confirmed by the National Secretary of the Independent Petroleum Marketers Association of Nigeria, James Tor.
“Nigerians will experience a drastic reduction in the price of petrol and a boost in the products’ availability nationwide.
“The agreement would make the pump price of petrol at Independent marketers’ retail outlets drop below N1,150 per litre.
“If the business agreement kicks off, you will see a drastic reduction in the price of gasoline.
“For obvious reasons, it will lead to easy availability of the product and price factor. We are the major stakeholders who have filling stations across the country.
“The price of petrol in our filling station will go much below N1,150 in our retail outlets depending on what Dangote Refinery agreed to give to us,” Tor explained.
Recall that petroleum marketers had in the last weeks sought the partnership of Dangote Refinery on direct sale of PMS.
The latest agreement between IPMAN and Dangote Refinery on direct petrol sale has brought an end to the controversy between oil marketers and Dangote Refinery over fuel price in the last few days.
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